STATE BANK OF INDIAShort
SBI: Bearish Marubuzo
Updated
The corrective Elliot waves as per my last analysis reached T2 handsomely.
The bearish Marubozu should make Shorting a 'safe' bet.
However, a gap opening may get us a doji instead as the stock is inside a strong S&R Range; and the stock sees high volume trading.
A harmonic pull-back is also on the cards in the 174-175 range for an uptrend back to 200.
I would wait for a close below 174 for targets of 171; which will be another strong pull-back level.
The bearish Marubozu should make Shorting a 'safe' bet.
However, a gap opening may get us a doji instead as the stock is inside a strong S&R Range; and the stock sees high volume trading.
A harmonic pull-back is also on the cards in the 174-175 range for an uptrend back to 200.
I would wait for a close below 174 for targets of 171; which will be another strong pull-back level.
Trade active
Gap Down open at 170, following ORB, bought at 173Trade closed: target reached
175; exited early in hindsight cause it shot up; but wasn't worth the risk.
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